State Street (NYSE:STT) had its target price trimmed by Wells Fargo & Co from $92.00 to $82.00 in a research report sent to investors on Thursday, Marketbeat.com reports. The brokerage currently has an outperform rating on the asset manager’s stock.
Several other equities research analysts also recently weighed in on STT. Zacks Investment Research downgraded State Street from a hold rating to a sell rating in a research report on Tuesday, October 23rd. ValuEngine downgraded State Street from a sell rating to a strong sell rating in a research report on Friday, October 19th. Wolfe Research began coverage on State Street in a research report on Tuesday, September 25th. They set a market perform rating on the stock. UBS Group increased their price target on State Street from $96.00 to $98.00 and gave the stock a buy rating in a research report on Monday, October 8th. Finally, Barclays cut their price target on State Street from $110.00 to $105.00 and set an overweight rating on the stock in a research report on Monday, October 22nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. State Street currently has a consensus rating of Hold and a consensus price target of $100.93.
Shares of NYSE STT traded down $0.05 during mid-day trading on Thursday, hitting $65.85. The stock had a trading volume of 108,431 shares, compared to its average volume of 2,000,654. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.50 and a quick ratio of 0.50. State Street has a twelve month low of $63.40 and a twelve month high of $114.27. The company has a market cap of $25.74 billion, a price-to-earnings ratio of 11.08, a PEG ratio of 0.99 and a beta of 1.35.
State Street (NYSE:STT) last announced its quarterly earnings results on Friday, October 19th. The asset manager reported $1.87 earnings per share for the quarter, missing the consensus estimate of $1.89 by ($0.02). The company had revenue of $2.95 billion for the quarter, compared to analyst estimates of $3.02 billion. State Street had a return on equity of 14.99% and a net margin of 19.90%. State Street’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.71 earnings per share. Research analysts expect that State Street will post 7.42 earnings per share for the current year.
In other news, EVP Louis D. Maiuri bought 740 shares of the stock in a transaction dated Wednesday, October 24th. The shares were acquired at an average cost of $67.60 per share, with a total value of $50,024.00. Following the purchase, the executive vice president now directly owns 45,314 shares in the company, valued at approximately $3,063,226.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Saint-Aignan Patrick De bought 500 shares of the stock in a transaction dated Tuesday, October 23rd. The shares were purchased at an average cost of $68.62 per share, for a total transaction of $34,310.00. Following the completion of the purchase, the director now owns 25,138 shares in the company, valued at $1,724,969.56. The disclosure for this purchase can be found here. Corporate insiders own 0.40% of the company’s stock.
Several hedge funds have recently bought and sold shares of STT. Massachusetts Financial Services Co. MA lifted its stake in State Street by 7.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 27,934,535 shares of the asset manager’s stock valued at $2,340,355,000 after buying an additional 1,830,069 shares in the last quarter. Vanguard Group Inc. lifted its stake in State Street by 3.6% in the 3rd quarter. Vanguard Group Inc. now owns 26,171,489 shares of the asset manager’s stock valued at $2,192,648,000 after buying an additional 910,041 shares in the last quarter. BlackRock Inc. lifted its stake in State Street by 5.7% in the 3rd quarter. BlackRock Inc. now owns 22,719,665 shares of the asset manager’s stock valued at $1,903,454,000 after buying an additional 1,224,497 shares in the last quarter. FMR LLC lifted its stake in State Street by 1.9% in the 3rd quarter. FMR LLC now owns 13,405,169 shares of the asset manager’s stock valued at $1,123,084,000 after buying an additional 251,861 shares in the last quarter. Finally, Longview Partners Guernsey LTD lifted its stake in State Street by 40.5% in the 3rd quarter. Longview Partners Guernsey LTD now owns 11,202,851 shares of the asset manager’s stock valued at $938,575,000 after buying an additional 3,230,396 shares in the last quarter. 87.22% of the stock is currently owned by institutional investors and hedge funds.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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